Washington, DC, May 9, 2005
The Public Company Accounting Oversight Board is now soliciting nominations and re-nominations for members of its Standing Advisory Group.
The Standing Advisory Group was created in 2003 to assist the Board in carrying out its standards-setting responsibilities for auditing. The group consists of 30 members with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies.
The first members were selected to serve staggered two- and three-year terms, with the two-year terms ending in 2005. Accordingly, the Board is seeking nominations to fill 14 slots. Beginning this year, all appointments will be for two-year terms, and the Board will solicit nominations and re-nominations annually.
Members will be selected by the Board based on nominations, including self-nominations, received from any person or organization. Current members may be re-nominated for another term. The nomination forms are available under Standards on the Board’s Web site, www.pcaobus.org. The deadline for submissions is June 23, 2005.
Appointments will be announced in October 2005, and the new terms will begin in January 2006. Membership in the advisory group is personal to the member, and the duties and responsibilities of the member cannot be delegated to others. Members will be subject to certain sections of the Board's Ethics Code, as well as other conditions provided in PCAOB Rule 3700, a rule on the formation of advisory groups.
The group is chaired by the Board's Chief Auditor and Director of Professional Standards, Douglas R. Carmichael, and will meet approximately three times each year.
Standing Advisory Group Nomination Forms (Submission deadline is June 23, 2005).